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AFRIC ELOP E LO P NE DE DÉ EV ME NE D E DÉ E V M E AI VE D NT A I VE D NT IC L N IC L N R O A F R O A F F P IC U F P I C U A P N A P N E R D E R D E M F E M F A A U E U E Q N Q N N T N T A A A B B N DEVELOPMENT B T T F F N N O O E E N N D M D M E E S P S P A P A P FR O F R O IC EL I C E L AI N DE DÉV AI N D E DÉ V AFRICAN DEVELOPMENT BANK GROUP A NK GROUP African Fixed Income and Derivatives Guidebook African Fixed Income and Derivatives Guidebook ETB LO E DE D EVE PME AIN EV D N IC EL N T R O A F F P IC U P A R N E F D E M A U E Q N N T A B T F N O E N M D E S P A P FR LO IC VE AIN DE DE AFRICAN DEVELOPMENT BANK GROUP Temporary Relocation Agency: Angle de l’avenue du Ghana et des rues Pierre de Coubertin, Hedi Nouira BP 323 1002 Tunis Belvédère TUNISIA Contact: Group Treasurer Tel: +216 7110 2028 Fax: +216 71 33 0632 MAY E-mail: [email protected] 2010 MAY 2010 Website: www.afdb.org African Fixed Income and Derivatives Guidebook Table of Contents iii Table of Contents List of Abbreviations �� � � � � � � � � � � � � � � � � iv Madagascar �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 89 Malawi � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 93 Foreword �� � � � � � � � � � � � � � � � � � � � � � � � � � vii Mauritania �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 97 Mauritius �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 101 Acknowledgements� � � � � � � � � � � � � � � � � �viii Morocco � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 107 Mozambique �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 113 Country Guides �� � � � � � � � � � � � � � � � � � � � � � �1 Namibia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 117 Nigeria �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 121 Algeria �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 3 Angola �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 Rwanda �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 127 Botswana �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11 Sao Tome e Principe� � � � � � � � � � � � � � � � � � � � � � � � � � 131 Burundi �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 17 Seychelles� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 133 Sierra Leone � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 137 Cape Verde � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 21 Somalia� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 141 Central Africa Economic and Monetary Community � 24 South Africa � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 145 Comoros� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 31 Sudan � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 153 Swaziland� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 157 Democratic Republic of Congo �� � � � � � � � � � � � � � � � � � 35 Djibouti �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 39 Tanzania� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 161 Tunisia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 167 Egypt �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 43 Eritrea� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 49 Uganda � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 173 Ethiopia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 53 West African Economic and Monetary Union �� � � � � 178 The Gambia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 76 Ghana� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 61 Zambia � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 183 Guinea �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 67 Zimbabwe �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 189 Kenya � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 71 Lesotho �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 77 Liberia �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 81 Libya� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 85 iv List of Abbreviations List of Abbreviations ADB Asian Development Bank CEMAC Communauté Économique et Monétaire de ADF African Development Fund l’Afrique Centrale AfDB African Development Bank CFA Franc de la Communauté Financière de AGOA African Growth and Opportunity Act l’Afrique ALBI All Bond Index CIC Central Bank Igarah Certificate AOA Angola Kwanza CIMA Conférence Internationale des Marches d’As- APSB Association Professionnelle des Sociétés de surance Bourses CIPRES Conférence Interafricaine de la Prevoyance ATS Automatic Trading System Sociale Avg Average CMA Common Monetary Area BAI British American Insurance CMC Council of Money and Credit BCC Banque Centrale du Congo CIMA Conférence Internationale des Marches d’As- BCEAO Banque Centrale des États de l’Afrique de surance l’Ouest CNAS Caisse Nationale d’Assurance Sociale BCM Banque Centrale de Madagascar CNR Caisse Nationale des Retraites BCV Banco de Cabo Verde COBAC Commission Bancaire de l’Afrique Centrale BDM Banco de Mozambique COMESA Common Market of Eastern and Southern BEAC Banque des Etats de l’Afrique Centrale Africa BESA Bond Exchange of South Africa COSOB Commission d’Organisation et de Surveillance BIF Burundi Franc des Opérations de Bourse bn Billion COSUMAF Commission de Surveillance du Marché Fin- BNA Banco Nacional de Angola ancier de l’Afrique Centrale BoA Bank of Algeria CP Commercial Paper BOAD Banque Ouest Africaine de Développement CPI Consumer Price Index BoB Bank of Botswana CREPMF Conseil Régional de l’Epargne Publique et des BoBC Bank of Botswana Certificate Marchés Financiers BOG Bank of Ghana CSD Central Securities Depository BOS Bank of Sudan CSE Casablanca Stock Exchange BOT Bank of Tanzania CVE Cape Verde Escudo BOU Bank of Uganda DAA Deposit Auction Arrangement BOZ Bank of Zambia DAP Delivery Against Payment BPS Basis Points DC/BR Dépositaire Central/Banque de Règlement BRB Banque de la Republique du Burundi DFI Development Finance Institution BRVM Bourse Régionale des Valeurs Mobilières DJF Djibouti Franc BSE Botswana Stock Exchange DOT Algerian Direction of Trade BTA Bons du Trésor Assimilables DPCF Debt Participation Capital Fund BTC Bons du Trésor Cessibles DRC Democratic Republic of Congo BVM Bolsa de Valores de Mozambique DSE Dar es Salaam Stock Exchange BVMAC Bourse des Valeurs Mobilières d’Afrique Cen- DVP Delivery Versus Payment trale DZD Algerian Dinar BWP Botswana Pula EASRA East African Securities Regulatory Authorities CAD Cash Against Delivery EGP Egyptian Pound CAR Central African Republic EIB European Investment Bank CASE Cairo and Alexandria Stock Exchange EPZ Export Processing Zone CBB Central Bank Bills ERN Eritrean Nakfa CBG Central Bank of Gambia ESAF Enhanced Structural Adjustment Facility CBN Central Bank of Nigeria ETB Ethiopian Birr CBK Central Bank of Kenya EUR Euro CD Certificate of Deposit EURIBOR Euro Interbank Offered Rate CDF Congolese Franc FDI Foreign Direct Investment FGN Federal Government of Nigeria List of Abbreviations v FI Financial Institution NAICOM National Insurance Commission FMC Financial Markets Commission NBE National Bank of Ethiopia FMO The Netherlands Development Finance Com- NBFIRA Non-Bank Financial Institutions Authority pany NCDS Negotiable Certificate of deposit FRA Forward Rate Agreement NDF Non-Deliverable Forward FSC Financial Services Commission NGN Nigerian Naira FSRCC Financial Services Regulation Coordination NGO Non-Governmental Organization Committee NIBOR Nigerian Interbank Offered Rate FTA Free Trade Agreement NSE Nairobi Stock Exchange FX Foreign Exchange NSX Namibian Stock Exchange GBOT Global Board of Trade Ltd NT National Treasury GDP Gross Domestic Product OHADA L’Organisation pour l’Harmonisation en Af- GHS Ghanaian Cedi rique du Droit des Affaires GNF Guinean Franc OMO Open Market Operations GoK Government of Kenya OTC Over-The-Counter GOVI Government Bond Index OTS Off-shore Trade Settlement HDI Human Development Index OTHI Other Bond Index HIPC Heavily Indebted Poor Country PIBO Public Infrastructure Bond Offer IDA International Development Association PRGF Poverty Reduction and Growth Facility IDB Inter-Dealer Broker RAP Receipt Against Payment IFC International Finance Corporation RBZ Reserve Bank of Zimbabwe IMF International Monetary Fund RMC Regional Member Country IPO Initial Public Offering RTGS Real Time Gross Settlement IRS Internally Registered Stock RWF Rwandan Franc ISIN International Securities Identification Number SAFEX South African Futures Exchange JIBAR Johannesburg Interbank Agreed Rate SARB South African Reserve Bank JPY Japanese Yen SCR Seychelles Rupee JSE Johannesburg Stock Exchange SDD Sudanese Dinar KES Kenyan Shilling SDR Special Drawing Right KfW Kreditanstalt für Wiederaufbau SGI Sociétés de Gestion et d’Intermédiation KIBOR Kampala Interbank Offered Rate SGVB Société de Gestion de la Bourse des Valeurs LIBOR London Interbank Offered Rate SIBA Seychelles International Business Authority LLDC Landlocked Developing Country SICIL Sistema Integrado de Compensacao
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    DEMOCRATIC AND POPULAR REPUBLIC OF ALGERIA MINISTRY OF HIGHER EDUCATION AND SCIENTIFI RESEARCH UNIVERSITY OF TLEMCEN FACULTY OF ECONOMICS, COMMERCE AND MANAGEMENT The Impact of Financial Liberalization on the Performance of the Algerian Public Banks. Thesis submitted as a partial fulfillment of the “Doctorate” degree in Economics Thesis presented by: Supervised by: Souad GUESMI Prof. Mohamed BENBOUZIANE Jury Members: Prof. Abdelkader DERBAL President University of Oran Prof. Mohamed BENBOUZIANE Supervisor University of Tlemcen Prof. Ali BOUHANNA Examiner University of Tlemcen Dr. Mohamed BEZZAOUYA Examiner University of Tlemcen Dr. Soufiane SLIMANE Examiner University of Relizane Dr. Mohamed BENSAID Examiner University of Sidi Belabbes 2014-2015 Dedication This thesis is a dedication to my husband, my dearest father and to my beloved tender mother who mean everything to me. To my brothers who mean a lot to me. To all my family -Guesmi and Boutayeba- who believed in me and supported me in practical and constant ways, their confidence in my abilities and their belief in the importance of this work have ensured its completion. i Acknowledgments I am extremely grateful to the almighty Allah who bestowed me the understanding and perseverance to make this accomplishment possible. I would like to express my special thanks, gratitude, and appreciation to my supervisor Prof. Mohamed Benbouziane for his guidance, suggestions, and valuable comments made this work possible. My special thanks and respects go to the members of the examining committee, for their consent to take part in reading and discussing this thesis. This thesis would not have been accomplished without the help and support of my husband Dr.
  • Crane Bank to Appeal to Supreme Court

    Crane Bank to Appeal to Supreme Court

    Plot 37/43 Kampala Road, P.O. Box 7120 Kampala Cable Address: UGABANK, Telex: 61069/61244 General Lines: (+256-414) 258441/6, 258061/6, 0312-392000 or 0417-302000. Fax: (+256-414) 233818 Website: www.bou.or.ug E-mail: [email protected] CRANE BANK TO APPEAL TO SUPREME COURT KAMPALA – 30 June 2020 – Bank of Uganda (BoU) wishes to inform the public of its decision to appeal the Court of Appeal’s dismissal of the case filed by Crane Bank Limited (in Receivership) vs. Sudhir Ruparelia and Meera Investments Limited to the Supreme Court. In exercise of its powers under sections 87(3), 88(1)(a)&(b) of the Financial Institutions Act, 2004, BoU placed Crane Bank Ltd (In Receivership) [“Crane Bank”] under Statutory Management on 20th October 2016. This decision was necessary upon discovering that Crane Bank had significant and increasing liquidity problems that could not be resolved without the Central Bank’s intervention given that Crane Bank had failed to obtain credit from anywhere else. An inventory by external auditors found that the assets of Crane Bank were significantly less than its liabilities. In order to protect the financial system and prevent loss to the depositors of Crane Bank, Bank of Uganda had to spend public funds to pay Crane Bank’s depositors. A subsequent forensic investigation as to why Crane Bank became insolvent found a number of wrongful and irregular activities linked to Sudhir Ruparelia and Meera Investments Ltd. These findings form the basis of the claims in the lawsuit by Crane Bank. The suit was necessary for recovery of the taxpayers’ money used to pay depositors’ funds as well as the other liabilities of Crane Bank.
  • Inform Reforms to Increase Access to Credit for Private Sector (Lead Expert)

    Inform Reforms to Increase Access to Credit for Private Sector (Lead Expert)

    REQUEST FOR EXPRESSIONS OF INTEREST AFRICAN DEVELOPMENT BANK REGIONAL DEVELOPMENT AND BUSINESS DELIVERY OFFICE, EAST AFRICA (RDGE) Khushee Tower, Longonot Road, Upper Hill P. O. Box 4861 - 00200, Nairobi, Kenya.tel: (+254-20) 2998352 Fax: (+254-20) 271 2938 Website: www.afdb.org; E-mail: [email protected] and [email protected]. Brief Description of the assignment; FINANCIAL SECTOR DIAGNOSTIC STUDY TO INFORM REFORMS TO INCREASE ACCESS TO CREDIT FOR PRIVATE SECTOR (LEAD EXPERT) Place of assignment: Khartoum, Sudan and partly virtual Period of assignment: November 2020 – May 2021 Expected start date of the assignment: November 2020 Last date for expressing interest: 27th November 2020 Expression of interest to be submitted to: [email protected] and copy [email protected] Any questions/ clarifications needed to be addressed to: [email protected] and [email protected] Further details are as below. TERMS OF REFERENCE (TOR) – FINANCIAL SECTOR DIAGNOSTIC STUDY TO INFORM REFORMS TO INCREASE ACCESS TO CREDIT FOR PRIVATE SECTOR GENERAL INFORMATION Services/Work Description: Sudan – Conduct a financial Sector assessment to inform reforms necessary to expand access to credit for the private sector, notably business enterprises affected by the COVID-19 crisis. 1 Type of the Contract: Individual Consultants (one international-team leader and one national) Expected Duration: not exceeding 6 months Expected Start Date: November 2020 I. BACKGROUND Updates on recent economic developments The Sudanese macroeconomic environment is extremely challenging. Due to the secession of South Sudan in 2011, the country lost a significant part of its export’s earnings. As a result, fiscal revenues and foreign exchange earnings dwindled.
  • Regulations 2011

    Regulations 2011

    REGULAT IONS 2011 REGULATION 11-01 OF MARCH 24TH, 2011 RELATING TO CREATION OF A BANKNOTE OF TWO THOUSAND (2000) ALGERIAN DINARS The Governor of the Bank of Algeria, Whereas Order 03-11 of Jumaada al-THaany 27th, 1424 corresponding to August 26th, 2003 as amended and completed, relating to Money and Credit, namely its Articles 38, 62 (paragraph a), 63 and 64; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of the Governor and Vice-Governors of the Bank of Algeria; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of Members of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Sha`baan 26th, 1423, corresponding to November 2nd, 2002 relating to appointment of a Member of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Thw al-Qi`dah 24th, 1424 corresponding to January 14th, 2004 relating to appointment of Members of the Council of Money and Credit of the Bank of Algeria; Whereas the Presidential Decree of Jumaada al-awal 5th, 1427 corresponding to June 1st, 2006 relating to appointment of a Vice-governor of the Bank of Algeria; Further to the Resolution of the Council of Money and Credit of the Bank of Algeria of Raby` al-THaany 19th, 1432 corresponding to March 24th, 2011; promulgates the Regulation the content of which follows: Article 1: The Bank of Algeria shall create a two thousand (2000) Algerian Dinar banknote.